The Rebound Indiana: 5 financial tips for recent college grads

Tips to help your bank account during this pandemic
Posted at 6:00 AM, Jun 29, 2020
and last updated 2020-06-29 15:24:00-04

The Rebound Indiana is a new initiative from WRTV to help you navigate the financial impact of the COVID-19 pandemic. We are your source to find all of the information you need on the help that’s available and how to access those resources. We are focused on helping you find employment, make ends meet, manage the pressure of these unprecedented times, and ensure these programs work as promised. Visit for more information.

INDIANAPOLIS — Many students are graduating from high school and planning for their futures. For many Hoosiers, that time can be a little scary but financially, the transition into adulthood could be even more confusing during the pandemic in this unprecedented time.

As graduates face this new chapter in their lives, they will be presented with different financial obstacles including earning a salary for the first time, starting their own business, or anything in-between that brings them face-to-face with finances.

To make the adjustment to adulthood a little easier Rebecca Gramuglia, Personal Finance Expert at, shared these 5 tips for grads to help plan for their financial futures.

In today's world, the importance of credit can be found in almost every aspect of life. From applying for a credit card to purchasing a car, your credit score is used to determine your creditworthiness.

As a young adult and recent college graduate, you should always be conscious of how your financial decisions affect your credit score.

"With building credit, always look for something like a credit card that will best fit your lifestyle and the longer you have the credit card the better it looks on your credit report with your credit history," Gramuglia said.

No matter what job you have, try your best to save and budget your income. It's important now more than ever to secure your funds early on.

So whether you're starting your first full-time job or signed up for a brand new credit card, lots of dollar signs can get thrown around and it's important to know where to begin implementing an easy budgeting tool.

Gramuglia suggests trying a very basic 50/20/30 rule.

"If you have a full-time job or a part-time job, anything like that, you are going to use up to 50 percent of your after-tax income for any essentials like housing and food, so maybe you are paying for your room and board or an off-campus apartment, something like that," Gramuglia said. "Twenty percent towards any debt repayments and savings, so maybe student loans, and up to 30 percent on any lifestyle choices, so anything that doesn't really fall into one of those categories"

Many grads may have received cash for their graduation from family and friends.

It can seem like a lot of money at once and that can be exciting. But Gramuglia says to pause before spending.

"With graduation happening maybe you have received some cash gifts from friends and family, and you may be so excited thinking, 'Oh my gosh I have all this money now what can I buy?' Definitely take a step back and reconsider, 'Can I save this? Can I use this for something else?' And with an emergency fund it's great to set aside money for something, you know, unexpected that you may need money for down the road," Gramuglia said.

The days of paying full price are long gone.

Implement easy, saving tips into your shopping habits by knowing that you can typically get a lower price on anything.

Whether you compare prices at different stores before purchasing, shop the sale and clearance sections, or time your purchases (wait until a holiday weekend to shop) to score the best deals, these are simple ways to save money.

College students should watch for the numerous student discounts offered by various retailers.

"I think students have it really, they are in luck," Gramuglia said. "There's a lot of student discounts out there, so it's always really important to first always look for those or even if you are shopping online, like most of us are during this time, ya know, open a new tab. See if you can get the item for cheaper somewhere else"

It's can be extremely easy to compare yourself to others in real life or on social media and want to buy the latest and greatest sneaker, phone, vacation, etc., but don't be fooled. Focus on yourself.

"Focus on your financial priorities, your goals for school," Gramuglia said. "You know, down the road as long as you are saving you can of course have that money to spend on those cool things later."

RTV6 spoke with recent Center Grove High School graduate, Devin Welch.

Welch balanced being a student-athlete with a part-time job at Kroger and now he is thankful to have some money set aside before he goes to Ball State University this coming semester.

"I did end up working some four in the morning shifts, which were pretty rough being in school, but overall I've been able to pay for my own gas and go around and drive when I need to, and you know it's not been too hard with a part-time job," Welch said.

He is currently working about 30 hours a week at Kroger during the summer.

"I have like money set aside for college that I haven't touched like ever so that's also a good thing," Welch said, who credits his dad for helping him understand the importance of working and saving. "He comes from owning a business himself so he deals with that every single day so I've learned a lot from him. He's the one that pushed me to get a job. I got my job at 16, right away"

Welch says his best advice to students considering working while being a student is to go for it. He says many people are worried they won't have time for fun or socializing but he says it is about balance.